EARNINGS PER SHARE

12 Months Ended

Dec. 31, 2024

Basic earnings per share is calculated by dividing net income by the weighted-average number of shares outstanding during the period. Diluted earnings per share is calculated by dividing net income (loss) by the weighted-average number of common shares outstanding, after giving effect to all dilutive potential common shares outstanding during the period. Remeasurements to the carrying value of the redeemable noncontrolling interests in equity of subsidiaries are not deemed to be a dividend (see Note 2(x)). According to ASC 480 - Distinguishing Liabilities from Equity, there is no impact on earnings per share in the computation of basic and diluted earnings per share to common shareholders for changes in the carrying value of the redeemable noncontrolling interests in equity, when such changes in carrying value which in substance approximates fair value.

Securities that could potentially dilute basic net income (loss) per share in the future that were not included in the computation of diluted net income (loss) per share were 1,412,305, 2,341,329, and 1,651,011 during the years ended December 31, 2024, 2023, and 2022, respectively, because to do so would have been anti-dilutive.

Basic and diluted earnings per share were calculated as follows:


	Year Ended December 31, 2024
	Continuing Operations		Discontinued Operations		Total
Net (loss) income	$	(900,854)	$	125,915	$	(774,939)
Net income (loss) attributable to noncontrolling interests and redeemable noncontrolling interests	(8,920)		(1,745)		(10,665)
Net (loss) income attributable to B. Riley Financial, Inc.	(891,934)		127,660		(764,274)
Preferred stock dividends	8,060		—		8,060
Net (loss) income available to common shareholders	$	(899,994)	$	127,660	$	(772,334)

	Year Ended December 31, 2023
	Continuing Operations		Discontinued Operations		Total
Net (loss) income	$	(160,161)	$	54,530	$	(105,631)
Net income (loss) attributable to noncontrolling interests and redeemable noncontrolling interests	(10,780)		5,059		(5,721)
Net (loss) income attributable to B. Riley Financial, Inc.	(149,381)		49,471		(99,910)
Preferred stock dividends	8,057		—		8,057
Net (loss) income available to common shareholders	$	(157,438)	$	49,471	$	(107,967)

	Year Ended December 31, 2022
	Continuing Operations		Discontinued Operations		Total
Net (loss) income	$	(269,085)	$	112,491	$	(156,594)
Net income (loss) attributable to noncontrolling interests and redeemable noncontrolling interests	1,024		2,211		3,235
Net (loss) income attributable to B. Riley Financial, Inc.	(270,109)		110,280		(159,829)
Preferred stock dividends	8,008		—		8,008
Net (loss) income available to common shareholders	$	(278,117)	$	110,280	$	(167,837)


	Year Ended December 31,
	2024		2023		2022







Weighted average common shares outstanding:
Basic	30,336,274		29,265,099		28,188,530
Effect of dilutive potential common shares:
RSUs and warrants	—		—		—
Contingently issuable shares	—		—		—
Diluted	30,336,274		29,265,099		28,188,530

Basic net (loss) income per common share:
Continuing operations	$	(29.67)	$	(5.38)	$	(9.87)
Discontinued operations	$	4.21	$	1.69	$	3.92
Basic (loss) income per common share	$	(25.46)	$	(3.69)	$	(5.95)
Diluted net (loss) income per common share:
Continuing operations	$	(29.67)	$	(5.38)	$	(9.87)
Discontinued operations	$	4.21	$	1.69	$	3.92
Diluted (loss) income per common share	$	(25.46)	$	(3.69)	$	(5.95)